17. Illustrate the supply curve of firms A, B, C according to data of below given table and draw a total market supply curve by adding the supply's of all 3 firms together. (You need to draw 4 different graphics).

17. Illustrate the supply curve of firms A, B, C according to data of below given table and draw a total market supply curve by adding the supply's of all 3 firms together. (You need to draw 4 different graphics).

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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Question

F3.

17. Illustrate the supply curve of firms A, B, C according to
data of below given table and draw a total market supply
curve by adding the supply's of all 3 firms together. (You
need to draw 4 different graphics).
Price A (quantity B C
supplied)
30,000
10,000
3
1.75
A+B+C
10,000 25,000 65,000
5,000 10,000 25,000

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Step 1: Define supply curve

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Step 2: Construct the supply curve of firm A from the given data

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Step 3: Construct the supply curve of firm B from the given data

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Step 4: Construct the supply curve of firm C from the given data

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Step 5: Construct the market supply curve

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